[Promoted] Is South Africa ready for a fully digital banking environment?
and the Boston Consulting Group found the majority of consumers favour digital banking. The survey polled 1 000 consumers and 400 businesses.
Mass affluent and middle-income clients, in particular, said they prefer to do their everyday banking activities digitally, via an app.While South African consumers say they are ready for digital banking, almost everyone withdraws cash from ATMS at least once a month. Moving towards a cashless society has a number of benefits. It eliminates the costs of handling, printing, transporting and safeguarding physical money, is more secure, allows small businesses to enter the formal economy and promotes financial inclusion.
Kenya’s Central Bank, for example, has been working with mobile money operators to create an environment where mobile money transactions can substitute cash.
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